lks 0/e) ROE d Arista ohs, Soder MSS Ceases. Waded Ben Figure 20: Implied real CoE (ROE PS) of S&P 500 Banks and Financials 15% Invited real CoE (ROE PB) Avg 1995-2005: Banks: 7.2% financials: 6.3% §§kigiiIiii/h1/111 ;;;; Recession Thinks (GCS III) —Finenc01. (GIES 6 San IBES. Comotetst Devege